2 parts

The following assignment is divided into two sections. Section 1: Application; Section 2: Comprehensive. The assignment must be submitted in ONE word document.

Section 1: Application (40 Points)

Please answer the following question by integrating research, examples and opinion. Your answer should be no less than 300 words in length. The assignment is worth 40 points. It is important that your answer is justified and supported with substantial research, examples and opinion. A brief introduction and conclusion should be included in your answer. 30 points is allocated to justification and accuracy of your answer (the use of 2-3 academic resources is required).*wikipedia is not accepted as a reference for your assignment*

APA is required for this assignment and will be graded out of 5 points. If APA is not used, 5 points will be deducted from the assignment. Proper citation, referencing and material integration is required. Copying and pasting ANY material from ANY source, including the textbook will receive a score of zero. Please note that APA style includes components such as: title page, abstract and reference page.

Spelling and grammar will be assessed out of 3 point. This includes sentence structures, fluency, typos, and overall grammatical errors. Scholarly and academic writing is expected at this level and will be taken into account for assessment.

Organization and structure will be assessed out of 2 point. This includes tone, flow, format and appearance.

Point Breakdown

30 Points- Justification and Accuracy of Answers (research, opinion, point articulation)
5 Points- APA (abstract, title page, running head, citation, reference page)
3 Points- Spelling and Grammar (typos, grammar style, tone, flow)
2 Points- Organization and Structure (introduction, body, conclusion)


Choose any five products and classify and describe their ‘ elasticity’ (inelastic, elasticity, perfect elastic, perfect inelastic, unitary elastic).


In each case, please explain what would occur if:


a) income increased

b) loss of a job

c) a substitute was introduced

d) there was a sudden shortage of the product

Section 2: Comprehensive (40 points) IN  YOUR OWN WORDS, please define, describe and use an example for each of the follow terms (see below). Each definition (including example) should be no more than 50 words.

The following rubric is used to assess each term:

5 Points -Description of term (in your own words)
5 Points – Integration of example

1) Unitary Elastic
2) Perfect Elastic
3) Income Elasticity of Demand
4) Cross Elasticity of Demand